Once again Jimmy Fallon dressed up as Vladimir Putin for a sketch on "The Tonight Show," but this time the Russian president called Sarah Palin who made jokes about statements she's made in the past about Russia.

"A few days ago Russian president Vladimir Putin called President Obama to discuss the situation in Ukraine and not many people know this, but right after he talked to Obama, Putin made another phone call," Fallon said, "this time to someone who predicted his invasion of Ukraine back in 2008 and this is amazing we actually got footage of that conversation. Take a look at this."

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"I once invaded a country called Youbetchavlad," Putin said. "Anyway, since you're so great at guessing my next move, who should I invade next? Sweden? Finland? I've heard Jamaica is nice this time of year…"

"No, my advice to you would be you get those troops out of Ukraine right now," Palin said sternly.

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"Whoa hey captain buzzkill, it was joke," Putin said. "But seriously I could of used your predicting powers in office March Madness pool. My bracket's totally busted. How is your bracket doing?"

"Aw thanks for asking, bracket's good you know, he's going to be 6 this month," Palin said as a joke about her kids' unique names.

Then, the two had a jam session to Pharrel Williams' hit "Happy." Putin played a Russian balalaika while Palin played the flute.

Putin and Palin mention they hear breathing on the phone. Putin joked, "Maybe it's NSA spying on us." An Obama impersonator was then seen cautiously hanging up the phone--the same one who took part in the Obama-Putin sketch a few weeks ago.

"Anyway I should go, I need to pick up more vodka from store," Putin said. "If only I had neighbor who could bring me new bottle."

"Well, actually Alaska isn't that far from Russia," Palin said, referring to another much talked-about quote during her run for vice president.. "Hold on one second."

Then Palin walked over to Putin and handed him a bottle.

"Alaska really is close to Russia, maybe I should invade," Putin said.

"I wouldn't if I were you," Palin warned. "You may be able to take down a bear but you're not match for a momma grizzly."

In other Palin news, she will be premiering a new reality tv show called “Amazing America” on the Sportsman Channel April 3.